REDT energy storage production update

RNS Number : 1790Q

Camco Clean Energy PLC

28 August 2014

 

28 August 2014

Camco Clean energy plc

("Camco" or "the Company")

REDT energy storage production update

Camco Clean Energy plc, the clean energy and energy storage company is pleased to announce a production update with respect to its subsidiary REDT energy. 

REDT signed a manufacturing agreement with Jabil Circuit, Inc. in June 2014.  Since then the first key milestones have been achieved towards the anticipated delivery of first customer units in Q1 2015.  The teams have been focussed on defining the first production optimised versions of the REDT storage systems and, importantly, the new production optimised design has resulted in an initial estimated 40% cost reduction and a 2/3 reduction in the physical size of the system.

The following has been achieved since the commencement of the manufacturing partnership:

·      Completion of the concept design of production optimised product range of REDT products;

·      The defined production range includes:

o  Small scale storage units; 5kW-30kWhe, 10kW-30kWhe, 5kw-60kWhe and 10kW-60kWhe

o  Large scale storage units; 15kW-180kWhe, 30kW-180kWhe, 45kw-180kWhe and 60kW-180kWhe

o  The modular production range will allow REDT to provide systems for customers across multiple storage applications from 5kW to 5MW power batteries and from 3 hours to 12 hours of stored energy. 

·      Production of the Gigha 1.26MW contract has been moved to Jabil's manufacturing facility and the product design changed from a bespoke building design to seven 15-180kWhe containerised units.  The change in design has significant advantages for the project and also allows REDT to accelerate the commoditisation of its large scale product range;

·      Supply materials have arrived at the Jabil production facility for the Gigha 1.26MWh system and construction of the core stack units will commence shortly; and

·      Supply materials have been ordered for the first 10 customer production 5-30KWh units.

The following are the key milestones REDT plans to achieve over the near term and upon which Camco will regularly report:

·      2014:

o  Q3 complete detailed design of the optimised product range

o  Q4 commence production of Gigha containerised units and 10 customer production units

o  Q4 Jabil manufacturing quality control review

·      2015:

o  Q1 CE certification and electrical testing

o  Q1 deliver first customer production units 5-30kWh systems

o  Q2 install Gigha 1.26MWh system

Scott McGregor, CEO of Camcosaid,

"Our REDT team has made great progress over the past few months working in partnership with Jabil with significant results already delivered.  The production optimised design has resulted in an initial estimated 40% cost reduction and a 2/3 reduction in the physical size of the system. These will provide real benefits to our customers as we commence our sales and marketing program. "

David Kipling, Senior Director at Jabil, said:

"We are pleased with the speed of progress made over the past months preparing for production, the modular production range should allow REDT to satisfy key demand sectors for storage applications across global markets."

Enquiries:
Camco Clean Energy plc	[phone]
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker)	[phone]
Andrew Craig
Ben Wright
Newgate Threadneedle
Caroline Forde, Josh Royston, Hilary Millar, Edward Treadwell	[phone]

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is a clean energy development company which combines technical and commercial expertise to finance, develop, and operate renewable energy projects and storage technology.

With 25 years of experience and an outstanding track record throughout Asia, North America, Africa and Europe, Camco works with local developers, governments, development banks, and private investors to implement clean energy projects, policies, and technologies and reduce emissions.

In the last year, Camco has developed utility scale biogas plants in the US, secured an investment advisory fund mandate for African renewables, and brought an advanced energy storage technology to market (REDTenergy).

About REDT www.redtenergy.com

REDT has developed a new and proprietary energy storage technology which enables the efficient and sustainable storage of electrical energy in liquid form.  The multi-valent properties of the Vanadium Redox electrolyte are used to provide a storage medium of virtually unlimited life with a system able to last more than 10,000 deep charge/discharge cycles. Combined with its very low maintenance requirements, REDT systems are able to deliver some of the lowest Total Cost of Ownership (TCO) results in the industry, Long discharge durations are achieved by the simple addition of extra electrolyte capacity at a relatively low marginal cost.

Until now it has not been possible to directly compare variable RE generation with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable the complete displacement of conventional fossil fuel power with renewable generation. The REDT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

*The Gigha 1.26MW contract

On 5 November 2013, Camco announced that REDT had won a major contract award of £3.6m through the Department for Energy and Climate Change Camco ("DECC") Energy Storage Technology Demonstration Competition toward the demonstration and pre-commercialisation of a 1.26MWh utility scale system of its grid scale flow battery technology. Earlier in 2013, DECC had announced that REDT was one of 12 organisations that had been awarded approximately £0.5 million (in total) to carry out phase 1 feasibility studies into innovative and diverse energy storage ideas under the Energy Storage Technology Demonstration Competition. Following this phase 1, DECC selected REDT, along with certain other innovators who won funding under the above Energy Storage Technology Demonstration Competition, to take part in the second demonstration phase of this competition with up to £17 million available in total. The award of £3.6 million to REDT, which forms part of this funding amount, is being used by REDT to complete a full scale utility 1.26MWh demonstration system and associated research initiatives on the island of Gigha, situated a few miles off the Kintyre peninsula, and with limited connection to the mainland via an ageing subsea cable. Project partners include Scottish and Southern Energy - Power Distribution (SSE), EA Technology Ltd., Community Energy Scotland (CES) and Gigha Green Power Ltd. (GGPL).

 

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